The little piece of information which complicates things is that...

The little piece of information which complicates things is that MUE have no chance of rolling over their debt at anywhere near the 95% LVR they currently enjoy when it becomes due in 2014.

If valuations improve _and_ they use all of their cash they may have a hope of re-financing at an expected LVR of 65%, but even that LVR may be hard to find. And is that a very good use for the 17c cash per share?

The simple solution is that they should not roll over the debt. They should wind up the trust rather than re-finance. Hand over the keys to the bank, distribute the cash and look for another job.

But that is the big problem here. They are not going to do themselves out of a job if they can help it.